Zacks Investment Research downgraded shares of Silicon Laboratories, Inc. (NASDAQ:SLAB) from a buy rating to a hold rating in a research report sent to investors on Tuesday.
According to Zacks, “Silicon Laboratories Inc. design and develop proprietary, analog-intensive, mixed-signal integrated circuits for the rapidly growing communications industry. Mixed-signal integrated circuits are electronic components that convert real-world analog signals, such as sound and radio waves, into digital signals that electronic products can process. Mixed-signal integrated circuits are critical components of numerous communications products, including cellular telephones, cable and satellite set-top boxes, modems and fax machines. “
SLAB has been the topic of a number of other reports. BidaskClub lowered shares of Silicon Laboratories from a strong-buy rating to a buy rating in a research note on Friday, June 16th. Needham & Company LLC reiterated a buy rating and set a $85.00 price target (up from $80.00) on shares of Silicon Laboratories in a research note on Thursday, July 27th. B. Riley reiterated a buy rating and set a $90.00 price target on shares of Silicon Laboratories in a research note on Friday, July 28th. Finally, Stifel Nicolaus reiterated a buy rating and set a $82.00 price target on shares of Silicon Laboratories in a research note on Tuesday, June 6th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. The stock has an average rating of Buy and an average target price of $80.70.
Silicon Laboratories (NASDAQ:SLAB) traded down 0.75% during trading on Tuesday, hitting $79.25. The company had a trading volume of 12,824 shares. The stock has a market capitalization of $3.37 billion, a price-to-earnings ratio of 47.26 and a beta of 1.25. Silicon Laboratories has a 52-week low of $55.04 and a 52-week high of $80.10. The firm’s 50 day moving average is $75.48 and its 200-day moving average is $72.76.
Silicon Laboratories (NASDAQ:SLAB) last announced its earnings results on Wednesday, July 26th. The semiconductor company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.08. Silicon Laboratories had a net margin of 9.88% and a return on equity of 11.15%. The business had revenue of $190.10 million during the quarter, compared to analysts’ expectations of $186.46 million. During the same period in the prior year, the company earned $0.75 earnings per share. The business’s revenue was up 8.7% compared to the same quarter last year. On average, equities analysts forecast that Silicon Laboratories will post $3.06 earnings per share for the current year.
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In other news, CFO John C. Hollister sold 2,000 shares of the stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $68.25, for a total value of $136,500.00. Following the sale, the chief financial officer now directly owns 70,767 shares in the company, valued at $4,829,847.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO George Tyson Tuttle sold 3,713 shares of the stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $80.00, for a total transaction of $297,040.00. Following the completion of the sale, the chief executive officer now owns 204,879 shares in the company, valued at $16,390,320. The disclosure for this sale can be found here. Insiders have sold 27,213 shares of company stock worth $2,032,190 over the last 90 days. 34.82% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Quantbot Technologies LP purchased a new position in shares of Silicon Laboratories during the second quarter valued at approximately $102,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Silicon Laboratories by 10.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,623 shares of the semiconductor company’s stock valued at $111,000 after buying an additional 148 shares during the period. Riverhead Capital Management LLC lifted its stake in shares of Silicon Laboratories by 76.7% during the second quarter. Riverhead Capital Management LLC now owns 2,297 shares of the semiconductor company’s stock valued at $157,000 after buying an additional 997 shares during the period. Pier 88 Investment Partners LLC purchased a new position in shares of Silicon Laboratories during the second quarter valued at approximately $187,000. Finally, BT Investment Management Ltd purchased a new position in shares of Silicon Laboratories during the second quarter valued at approximately $202,000. 88.98% of the stock is currently owned by institutional investors and hedge funds.
About Silicon Laboratories
Silicon Laboratories Inc is a provider of silicon, software and solutions for the Internet of Things (IoT), Internet infrastructure, industrial, consumer and automotive markets. The Company operates through mixed-signal analog intensive products segment. It provides analog-intensive, mixed-signal solutions for use in a range of electronic products in various applications for the IoT market.
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